The Benefits (and Costs) of Foresight and Hindsight in Macro Policy Formulation

Nigel Stapledon

Agenda - A Journal of Policy Analysis and Reform, 2011, vol. 18, issue 1, 41-52

Abstract: This paper looks at the difficulties for fiscal and monetary policy posed by the inherent uncertainty of the economic outlook. It contrasts the excessive optimism of policymakers in the approach to the 1989-91 recession with the excessive pessimism of the outlook in Australia in 2008.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:acb:agenda:v:18:y:2011:i:1:p:41-52

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